EDC amends credit agreement; maturity extended to Jan 2024, commitment reduced to $4M

EDUCATIONAL DEVELOPMENT CORP

Revolving commitment steps down from $13.5M (Aug 2023) to $4.0M by Jan 31, 2024.
Company must list 10302 E 55th Pl, Tulsa for sale by Aug 18, 2023 under the amendment.
CEO states old building appraised at $5.1M; Hilti Complex appraised at ~$40M.
Expected inventory ~$53M at fiscal year-end; expected bank debt ~$36M by Jan 2024.
Contingent upon default, Company must list 5402 S 122nd Ave for sale within 15 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EDUCATIONAL DEVELOPMENT CORP entered into Third Amendment to the Existing Credit Agreement with BOKF, NA valued at Revolving loan commitment steps down from $13,500,000 to $4,000,000; maturity extends to January 31, (effective 2023-08-09).

Action: entry
Agreement: credit facility
Counterparty: BOKF, NA
Value: Revolving loan commitment steps down from $13,500,000 to $4,000,000; maturity extends to January 31,
Effective: 2023-08-09

Exact text from the filing

Effective August 9, 2023, Educational Development Corporation (the “Company”) executed the Third Amendment to the Existing Credit Agreement (“Amendment”) with BOKF, NA (the “Lender”).

View on SEC.gov

Browse all material agreements →

EDUCATIONAL DEVELOPMENT CORP filing history →

Source: SEC EDGAR

accession 0001185185-23-000856

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.